Before entering politics, he worked in several key positions including in the Quebec's public sector where he worked in the Ministry of Labour as well as in the premier's office. Bachand was a Quebec sovereignist during the 1980 referendum, and an organizer for the 'Yes' campaign. He changed his mind, and is now a Canadian federalist.[2]

He was once the vice-president of Culinar and Métro-Richelieu and was also president of Groupe Secor during the 1980s and 1990s. He was president-director general of the Fonds de solidarité des travailleurs du Québec (FTQ), a major union fund, between 1997 and 2001. He was also part of the administration of Montreal newspaper Le Devoir and member of Montreal's Chamber of Commerce.

Bachand was elected on December 12, 2005, in Outremont in a by-election after the retirement of former Finance Minister Yves Séguin. There was speculation that Bachand would also occupy that post, but he was awarded the portfolio of Economic Development.

Bachand was easily re-elected in the 2007 elections defeating Parti Québécois's Salim Laaroussi by nearly 6,000 votes. He was re-appointed as the minister of economic development, innovation and international trade and was also given the portfolios of tourism and the region of Montreal. Following the 2008 election, Bachand gave up the tourism portfolio to Laporte MNA Nicole Ménard. On April 8, 2009, following the retirement of Monique Jérôme-Forget, Bachand was named the new Finance Minister.[3]

With the defeat of the Liberal government of Jean Charest, Bachand was replaced by Nicolas Marceau of the Parti Québécois as Minister of Finance. He was a candidate to succeed Jean Charest as Liberal Party leader but lost to Philippe Couillard on March 17, 2013.[4]